Needham & Company LLC Raises Nutanix (NASDAQ:NTNX) Price Target to $90.00

Nutanix (NASDAQ:NTNX) had its price target lifted by research analysts at Needham & Company LLC from $80.00 to $90.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 24.40% from the company’s previous close.

Several other equities analysts have also commented on NTNX. Northland Securities restated a “market perform” rating and issued a $77.00 price objective (up from $74.00) on shares of Nutanix in a report on Wednesday. Morgan Stanley upgraded shares of Nutanix from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $71.00 to $72.00 in a report on Monday, October 28th. Royal Bank of Canada upped their price objective on shares of Nutanix from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Piper Sandler increased their target price on shares of Nutanix from $76.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Finally, Barclays increased their target price on shares of Nutanix from $71.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $74.79.

Nutanix Price Performance

Shares of NTNX stock opened at $72.35 on Wednesday. The firm’s 50-day moving average is $64.45 and its two-hundred day moving average is $59.35. The company has a market capitalization of $19.19 billion, a PE ratio of -139.13, a price-to-earnings-growth ratio of 12.05 and a beta of 1.17. Nutanix has a 12 month low of $40.33 and a 12 month high of $75.80.

Nutanix (NASDAQ:NTNX) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.02. Nutanix had a negative net margin of 5.81% and a negative return on equity of 7.57%. The firm had revenue of $547.95 million for the quarter, compared to analyst estimates of $537.12 million. Sell-side analysts forecast that Nutanix will post 0.31 EPS for the current year.

Insider Activity

In related news, CFO Rukmini Sivaraman sold 24,316 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $58.85, for a total value of $1,430,996.60. Following the transaction, the chief financial officer now directly owns 192,169 shares of the company’s stock, valued at $11,309,145.65. This trade represents a 11.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO David Sangster sold 11,950 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $59.83, for a total transaction of $714,968.50. Following the completion of the transaction, the chief operating officer now directly owns 123,868 shares in the company, valued at $7,411,022.44. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NTNX. Bain Capital Investors LLC purchased a new position in shares of Nutanix in the 3rd quarter valued at $998,601,000. Driehaus Capital Management LLC grew its position in Nutanix by 123.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,435,230 shares of the technology company’s stock worth $81,593,000 after purchasing an additional 794,215 shares during the last quarter. Two Sigma Advisers LP grew its position in Nutanix by 32.8% during the 3rd quarter. Two Sigma Advisers LP now owns 2,814,002 shares of the technology company’s stock worth $166,730,000 after purchasing an additional 695,567 shares during the last quarter. Marshall Wace LLP grew its position in Nutanix by 47.5% during the 2nd quarter. Marshall Wace LLP now owns 1,482,989 shares of the technology company’s stock worth $84,308,000 after purchasing an additional 477,838 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in Nutanix by 15.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,816,647 shares of the technology company’s stock worth $166,886,000 after purchasing an additional 374,328 shares during the last quarter. 85.25% of the stock is owned by hedge funds and other institutional investors.

About Nutanix

Nutanix, Inc provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa. The company offers hyperconverged infrastructure software stack that converges virtualization, storage, and networking services into a turnkey solution; Acropolis Hypervisor, an enterprise-grade virtualization solution; flow virtual networking and flow network security, which offers services to visualize the network, automate common network operations, and build virtual private networks; Nutanix Kubernetes Engine for automated deployment and management of Kubernetes clusters to simplify the provisioning, operations, and lifecycle management of cloud-native environments, applications, and microservices; and Nutanix Cloud Clusters.